stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Credit Flashcards | StudBud
Explore
/
Credit
Credit
33 terms
·
StudBud Administration
·
1,990 plays
basics of credit
Flashcards
33 cards
F
Practice quiz
P
Host live
L
Questions
33
Answers
1
The scoring methodology predominantly used today is known as...
NADA
FICO
GAAP
SMART
2
The length of time over which money is borrowed is referred to as…
duration
term
cycle
grace period
3
Which is not an essential element involved with transferring a debt balance?
balance transfer fee
promotional period
promotional APR
grace period
4
A grace period is not associated with...
an installment agreement
a credit card agreement
a revolving agreement
a line of credit
5
The most distinguishing feature of a secured loan is...
a grace period
subsidized
default
collateral
6
If you ask for a new credit account, what is this called?
subsidize
inquiry
acquisition
default
7
Assuming proper management of your credit card account, which will always be highest?
APR
balance
limit
finance charges
8
Which will not lower your credit score?
a default
increasing your limit
opening a new credit account
applying for a new loan
9
The downside of a shorter term is...
lower finance charges
higher finance charges
shorter grace period
higher monthly payments
10
Paying only the minimum payment results in...
a default
a higher APR
higher available credit
higher finance charges
11
Which 'C' represents "income"?
Collateral
Character
Capital
Capacity
12
The most you can borrow without incurring a fee is referred to as your...
balance
limit
installment
principal
13
The benefit of a shorter term is...
lower finance charges
higher finance charges
higher monthly payments
smaller monthly payments
14
What primary benefit do cardholders realize from making purchases?
free balance transfers
smaller limits
rewards
zero liability
15
The downside of a longer term is...
lower monthly payments
more time
higher finance charges
more debt
16
Which is not a revolving account?
a line of credit
a credit card
an LOC
a car loan
17
Which of the following is unsecured?
a college loan
a mortgage
a HELOC
a car loan
18
The benefit of a longer term is...
higher monthly payments
higher finance charges
lower finance charges
smaller monthly payments
19
You will not incur interest if you pay...
zero liability
the balance
the minimum payment
the grace period
20
Which of the following will most often have the highest APR?
a mortgage
a credit card
a car loan
a college loan
21
Which of the following is not a credit bureau?
Experian
Bureau Royale
Equifax
Trans Union
22
The smallest amount you must pay to avoid a late fee is...
finance charges
$35
the balance
minimum payment
23
You will not need a cosigner if...
you have a high credit score
you are young
you have a high DTI
you have no credit history
24
What's the worst thing you can do to hurt your credit score?
bankruptcy
default
open new account
ask for a loan
25
What's the 2nd-worst thing you can do to hurt your credit score?
open a new account
default
ask for a loan
bankruptcy
26
Zero liability means...
you do not have to pay for fraudulent transactions
you have paid your balance in full
your can use your card without incurring finance charges
you have no debt
27
A grace period is provided for the benefit of...
the credit card issuer
llamas
the employer
the account holder
28
A credit card is an example of...
a bank account
a revolving account
an installment account
an asset account
29
When you make a payment to your credit card company, which increases?
your balance
a late fee
your available credit
your APR
30
A grace period is...
the amount of time during which no interest accrues
the amount of time during which interest accrues
the amount of time before the minimum payment is received
the amount of time before the cycle ends
31
Flexible payments are not associated with...
a line of credit
revolving debt
credit cards
installment debt
32
Which of the following is not a 'C' of credit?
Collateral
Catalyst
Capacity
Conditions
33
Would it pose a greater risk to lose your credit card or your debit card?
i don't know
debit card
purple
credit card
